Japan Specialist

Mark Chadwick

Over 20 years experience in equities and asset management in Asia and Japan. Qualified CFA with experience analyzing companies as a buy-side analyst. In-depth knowledge of company fundamental analysis, corporate governance and valuations.

Equity Bottom-Up

<ul>
<li>Q3 net sales were JPY806bn (+86% YoY), slightly below consensus of JPY815bn. Operating income rose 23% YoY to JPY155bn, but missed expectations (consensus: JPY180bn),</li>
<li>Nintendo maintained its full-year guidance, forecasting FY sales of JPY2,250bn and operating profit of JPY370bn, unchanged despite consensus expectations of ~JPY415bn operating profit</li>
<li>We forecast FY3/27 OP ~JPY350bn, implying a potential down year before the benefits of a larger installed base — and a more favorable software mix — begin to materialize.</li>
</ul>


Q3 net sales were JPY806bn (+86% YoY), slightly below consensus of JPY815bn. Operating income rose 23% YoY to JPY155bn, but missed expectations (consensus: JPY180bn),
Nintendo maintained its full-year guidance, forecasting FY sales of JPY2,250bn and operating profit of JPY370bn, unchanged despite consensus expectations of ~JPY415bn operating profit
We forecast FY3/27 OP ~JPY350bn, implying a potential down year before the benefits of a larger installed base — and a more favorable software mix — begin to materialize.


Nintendo

Nintendo (7974) | The Long Game